Russia to ban the issuance and circulation of cryptocurrencies

Russia to ban the issuance and circulation of cryptocurrencies

Russia is planning to ban crypto issuance and circulation.

The original bill “On Digital Financial Assets” allows cryptocurrency trading in Russia. However, Alexey Guznov, head of the legal department at Russia’s central bank revealed in an interview with local news agency Interfax on March 16 that the proposed amendment will prohibit nearly everything about crypto, Cointelegraph reported.

“In terms of the functioning of the financial system and consumer protection system, legalization of the issuance and facilitating the circulation of cryptocurrencies is an unjustified risk. As such, the bill explicitly prohibits emission and organization of cryptocurrency circulation, introducing legal liability for violating these rules,” Guznov said.

Although the crypto bill would ban Russian financial institutions from…